Gold Extends Losses and Forms Death Cross

Gold prices declined on Wednesday for the fourth consecutive session, reaching its lowest levels since June of last year.

The yellow metal losses are attributed to the rise of Treasury yields and a positive performance by the U.S. Dollar (USD).

Gold futures for April delivery dropped by $26.20, or 1.5%, to close at $1,772.80 per ounce.

The most active contracts for the precious metal formed their first death cross since June 2018, with the 50-day moving average crosses below the 200-day moving average.

The 50-day moving average reached $1,856.46, while the 200-day moving average stood at $1,857.67.